Saudi Arabia Plans Political Revolution

[SonOfAphrodite 1,838]

I'm currently in an economics class and I find it pretty fascinating how real world events correlate to what we are learning at moment  Really shows how important economics are in our society 

[Better Day 5,766]

On 1/26/2016 at 2:37 AM, Economy said:

China is doing massive investments in renewables and making a swift shift into a service based economy in part to deal with their pollution problems

 

may wanna learn facts a little better before criticising

China is helping George Osbourne invest in nuclear power

Nuclear power is just wrong

[Economy 53,143]

3 hours ago, MissRebelDolly said:

China is helping George Osbourne invest in nuclear power

Nuclear power is just wrong

I agree its not the best but if waste is properly disposed its still preferable to fossil fuels

 

as for safety, new reactors are not like old ones. The odds of a total meltdown now are very slim

[Economy 53,143]

14 hours ago, SonOfAphrodite said:

I'm currently in an economics class and I find it pretty fascinating how real world events correlate to what we are learning at moment  Really shows how important economics are in our society 

It really does affect everything

 

i still dont get why ppl say they dont care about economy  

[Economy 53,143]

On January 26, 2016 at 11:53 AM, Twisted Shadows said:

Interesting notion, but the Saudi Arabia stated recently that they are not crashing the oil market to hurt Iran: http://money.cnn.com/2016/01/19/investing/saudi-arabia-oil-prices-iran/

It seemed more plausible that the oil price crash was an effort to hurt their competitors in the U.S., Canada, and other non-OPEC energy industries which it has been. Not sure how the oil sand companies that created a boom in recent years are handling the prices.  Prices usually go down when supply is higher than demand, which is unusual for resources like oil, the backbone of America's petrodollar, whose demand is nearly always high. However, how deep are those Arabian reserves and with plans on the table for Saudi Arabia politically revolutionize with a growing uncertainty in oil, is that a sign we're getting close or passing oil's peak in reserves?

 

Oh and i forgot to mention something in my reply about reserves...

 

peak in reserves is impossible to calculate...

 

proven reserves (which is what industry goes by) varies over time depending on extraction technology and even economics

 

you simply will not invest in extracting hard to get oil that coats $200/barrel to get it out if prices never go that high. And some oil is so hard to get that no matter how high prices go we simply cant get to it

 

only a small percentage of what we know exists actually count as reserves. Its hard to tell where they will go. And theres 4 main types of reserve earimates.

 

In Place Reserves: The total amount of oil that is estimated to exist in a field, Country etc. The world has about 10.2 trillion barrels of known in place reserves

 

Technical Reserves: Estimated amount of oil that can be extracted with todays technology. This does not take into account how much actually makes economic sense to extract.

 

Probable Reserves: Estimate of how much reserves has at least a 50% chance of being both technologically AND economically recoverable.

 

Proven Reserves: Reserves that are at least 90% certain to be both technologically AND economically extractible. "Proven Reserves" is the standard agencies and industry tend to go by. Usually official lists of reserves are including only proven reserves. The world has 1.6 Trillion barrels of registered proven reserves at this time. Thats a small portion of the 10.2 trillion that exists in place.